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Birmingham Bloomfield Bancshares, Inc. Announces Unaudited Results for Period Ended June 30, 2014

BIRMINGHAM, MI -- (Marketwired) -- 07/14/14 -- Birmingham Bloomfield Bancshares, Inc. (OTCQB: BBBI) ("the Company"), the holding company for Bank of Birmingham, today announced unaudited results for the quarter and six month periods ended June 30, 2014. The Company experienced solid balance sheet growth and an increase in core earnings.

The Company reported net income of $345,000 or $0.19 per common share for the second quarter of 2014 compared to net income of $232,000 or $0.13 per common share for the same period of 2013. Net income for the six month period ended June 30, 2014 was $716,000 or $0.39 per common share compared to $519,000 or $0.28 per common share for the same period last year.

Chief Executive Officer, Rob Farr, issued the results and commented, "The performance for the first six months represents an increase of 38.0% in after tax earnings relative to 2013 and produced a pre-tax, pre-provision ROA of 1.14%. The results are the product of an increase in core earnings and profitable asset growth. We are also excited to announce we have exceeded $200 million in total assets. Over the past 36 months we have doubled the size of the organization and produced record results during this period. We have also noticed valuation trends in the industry are beginning to improve, including with our own organization, as our price to book and earnings multiples have increased. We remain committed to delivering strong financial results to create value for our shareholders."

Results of Operation

The Company reported net interest income of $1.870 million for the second quarter of 2014, a 14.2% increase compared to the same quarter of 2013 and 2.9% increase from the first quarter of 2014. Net interest margin for the quarter was 3.89% compared to 4.23% for the most recent linked quarter and 4.50% for the second quarter of 2013. The margin compression is a function of changes in the earning asset mix of the Company's balance sheet and the competitive pricing environment. Net interest income for the first six months of 2014 was $3.687 million, an increase of 14.7% relative to the same period of 2013. The increase was the direct result of earning asset growth.

The Company did not provide any provision expense for the three and six month periods ended June 30, 2014, compared to $90,000 and $100,000, respectively for the same periods of 2013. This is a function of improved asset values and a reduction in total non-performing loans.

Total non-interest income for the second quarter of 2014 was $134,000, compared to $215,000 for the same period of 2013. For the year to date period ending June 30, 2014 total non-interest income was $355,000, a decrease of $45,000 relative to the prior period. The reduction is a result of a decline in secondary loan sale activity for residential mortgages and commercial SBA products.

Total non-interest expense for the second quarter of 2014 was $1.460 million, compared to $1.394 million in 2013. Year to date non-interest expense for 2014 was $2.918 million, an increase of $222,000 relative to the same period in 2013. The expense increases were the result of hiring additional personnel to support future asset growth, investments in the data processing infrastructure to expand products and deliver a better user experience, and engaging outside consultants to improve efficiency and productivity.

Balance Sheet

Total assets as of June 30, 2014 were $205.0 million, an increase of 24.6% from the prior year and 8.7% from December 31, 2013. The growth was a result of focused efforts to provide quality products and services to meet the demands of the market. Total portfolio loans reached $165.9 million at the end of the second quarter, an increase of $4.5 million from March 31, 2014 and 20.2% or $27.9 million from June 30, 2013. The increase is due to our diverse product options, expanded presence in our primary market and the improving local economy. The asset quality of the Company remains solid. There have been no charge offs recorded in 2014 and total non-performing loans have declined for the fifth consecutive quarter. The allowance for loan loss was 1.13% of total portfolio loans at the end of the period. Total deposits as of June 30, 2014 were $185.1 million, an increase of 26.6% from the same period in 2013. The growth was a function of our profile in the community and targeted marketing programs. The Bank continues to be classified as well capitalized based on regulatory guidelines and is a recommended institution by Bauer Financial.

Birmingham Bloomfield Bancshares, Inc. is the holding company for Bank of Birmingham, a full-service community bank serving Oakland County. Bank of Birmingham is dedicated to providing financial services to small and medium sized businesses; their owners and employees; professionals; and individuals who work or reside in the Oakland County market area. Every Bank of Birmingham customer has a relationship manager who serves a single point of contact empowered to provide all the bank's services. Birmingham Bloomfield Bancshares, Inc. marketmakers include Monroe Securities, Chicago; Boenning & Scattergood, Philadelphia; Stockcross Financial Services.

Forward-Looking Statements

This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve significant risks and uncertainties. Actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include: changes in interest rates and interest-rate relationships; changes in the national and local economy; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulations; changes in tax laws; changes in prices, levies, and assessments; our ability to successfully integrate acquisitions into our existing operations, and the availability of new acquisitions, joint ventures and alliance opportunities; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and other factors. The Company assumes no responsibility to update forward-looking statements.

(Unaudited Consolidated Financial Statements Follow)


                   Birmingham Bloomfield Bancshares, Inc.
                   Consolidated Balance Sheet (Unaudited)

                                   June 30,     December 31,     June 30,
                                     2014           2013           2013
                                -------------  -------------  -------------
ASSETS
    Cash and due from banks     $  21,468,556  $  22,585,199  $  18,372,322
    Federal funds sold              7,554,641              -              -
                                -------------  -------------  -------------
  Total cash and cash
   equivalents                     29,023,197     22,585,199     18,372,322

    Securities available-for-
     sale                           5,750,600      2,626,716      3,541,775
    Securities held-to-maturity             -              -              -
    Federal Home Loan Bank
     Stock                            281,900        248,000        248,000
                                -------------  -------------  -------------
  Total securities                  6,032,500      2,874,716      3,789,775

  Loans held for sale                       -              -              -

  Portfolio loans
    Consumer loans                  2,220,995      1,697,269      1,735,911
    Mortgage loans                 22,614,476     21,615,166     18,504,377
    Commercial leases              18,140,055     13,719,232      8,273,245
    Commercial loans              122,952,339    121,796,101    109,503,076
                                -------------  -------------  -------------
  Total loans                     165,927,865    158,827,768    138,016,609
    Less: Allowance for loan
     loss                           1,868,587      1,868,587      2,144,350
                                -------------  -------------  -------------
  Net loans                       164,059,278    156,959,181    135,872,259

    Premises and equipment, net     1,177,896      1,224,764      1,203,236
    Bank owned life insurance       2,289,728      2,256,410      2,219,779
    Deferred Tax Asset              1,299,194      1,687,277      2,048,002
    Accrued interest receivable
     and other assets               1,192,496      1,091,237      1,082,771
                                -------------  -------------  -------------

  TOTAL ASSETS                  $ 205,074,289  $ 188,678,784  $ 164,588,144
                                =============  =============  =============


LIABILITIES
  Deposits
    Noninterest-bearing         $  40,264,315  $  39,235,022  $  27,541,806
    Interest-bearing              144,832,427    130,376,667    118,629,567
                                -------------  -------------  -------------
  Total deposits                  185,096,742    169,611,689    146,171,373

    Short term borrowings                   -              -              -
    Accrued interest payable,
     taxes and other
     liabilities                      912,604        842,164        871,046
                                -------------  -------------  -------------
  Total liabilities               186,009,346    170,453,853    147,042,419

SHAREHOLDERS' EQUITY
    Senior preferred stock,
     series D                       4,621,000      4,621,000      4,621,000
    Common Stock, no par value     17,281,679     17,163,818     17,163,818
      Authorized - 9,000,000
       shares, Issued and
       outstanding -
       1,857,1281,836,662 and
       1,836,662 shares
       respectively
    Accumulated other
     comprehensive income              38,190         31,813         41,450
    Additional paid in capital
     - share based payments           493,154        493,154        493,154
    Accumulated deficit            (3,369,080)    (4,084,854)    (4,773,697)
                                -------------  -------------  -------------
  Total shareholders' equity       19,064,943     18,224,931     17,545,725
                                -------------  -------------  -------------

  TOTAL LIABILITIES AND
   SHAREHOLDERS' EQUITY         $ 205,074,289  $ 188,678,784  $ 164,588,144
                                =============  =============  =============

Book value per share            $        7.78  $        7.41  $        7.04



                   Birmingham Bloomfield Bancshares, Inc.
                Consolidated Statement of Income (Unaudited)

                                  For the three months   For the six months
                                         ended                 ended
                                 --------------------- ---------------------
                                        June 30,              June 30,
                                 --------------------- ---------------------
                                    2014       2013       2014       2013
                                 ---------- ---------- ---------- ----------
Interest Income
    Interest and fees on loans
      Commercial loans           $1,614,734 $1,500,743 $3,208,661 $3,019,992
      Commercial leases             211,136     95,439    393,937    126,054
      Installment loans              29,678     29,673     54,124     59,295
      Mortgage loans                143,521    100,329    285,421    186,922
      Home Equity loans              99,948     88,241    195,485    172,494
      Late charges and fees           5,189     14,954      9,310     26,184
                                 ---------- ---------- ---------- ----------
  Total loan interest and fee
   income                         2,104,206  1,829,379  4,146,938  3,590,941

    Interest bearing deposits         8,775      7,859     16,945     14,976
    Federal Funds Sold                6,814          -      6,814          -

    Interest on investment
     securities
      Taxable                        26,322     21,529     45,499     43,704
      Tax-exempt                        316        969      1,258      1,945
                                 ---------- ---------- ---------- ----------
  Total investment income            26,638     22,498     46,757     45,649

  Total interest income           2,146,433  1,859,736  4,217,454  3,651,566

Interest Expense
    Interest on deposits            276,707    221,987    530,614    436,610
    Interest on borrowed funds            -          -          -          -
                                 ---------- ---------- ---------- ----------
  Total interest expense            276,707    221,987    530,614    436,610
                                 ---------- ---------- ---------- ----------

  Net Interest Income             1,869,726  1,637,749  3,686,840  3,214,956
    Provision for loan losses             -     90,000          -    100,000
                                 ---------- ---------- ---------- ----------
  Net Interest Income After
   Provision for Loan Losses      1,869,726  1,547,749  3,686,840  3,114,956

Non-interest Income
    Service charge income            50,493     18,504     72,765     36,920
    Mortgage banking activities      21,466     56,572     51,059    109,188
    SBA loan sales                   30,141    109,589    169,505    194,561
    Other income                     32,151     30,156     61,291     58,690
                                 ---------- ---------- ---------- ----------
  Total non-interest income         134,251    214,821    354,620    399,359

Non-interest Expense
    Salaries and employee
     benefits                       811,890    776,617  1,634,323  1,493,170
    Occupancy expense               125,909    121,133    269,397    248,046
    Equipment expense                43,857     53,004     90,942    107,851
    Advertising                      65,400     59,079    111,616    110,012
    Data Processing                  80,811     63,258    152,381    124,705
    Professional fees               136,524    144,222    273,338    281,938
    Loan origination expense         52,205     29,974     98,591     58,706
    Regulatory Assessments           38,410     32,626     75,794     63,867
    Other expense                   104,801    114,090    211,401    207,721
                                 ---------- ---------- ---------- ----------
  Total non-interest expense      1,459,807  1,394,003  2,917,783  2,696,016

  Net Income Before Income Taxes    544,170    368,567  1,123,677    818,299
    Income tax expense              187,217    124,990    384,798    276,592
                                 ---------- ---------- ---------- ----------
  Net Income                        356,953    243,577    738,879    541,707
    Dividend on preferred stock      11,552     11,552     23,105     23,105
                                 ---------- ---------- ---------- ----------
  Net Income applicable to
   common shareholders           $  345,401 $  232,025 $  715,774 $  518,602
                                 ========== ========== ========== ==========

Income per share - basic         $     0.19 $     0.13 $     0.39 $     0.28



                   Birmingham Bloomfield Bancshares, Inc.
             Financial Summary and Selected Ratios (Unaudited)
                (Dollars in thousands except per share data)

                                              Year to Date
                             ----------------------------------------------
                                    June 30,                 Change
                             ----------------------  ----------------------
                                2014        2013       Amount    Percentage
                             ----------  ----------  ----------  ----------
INCOME STATEMENT
     Interest Income         $    4,217  $    3,652  $      566        15.5%
     Interest Expense               531         437          94        21.5%
                             ----------  ----------  ----------
   Net Interest Income            3,687       3,215         472        14.7%
     Provision for loan loss          -         100        (100)     -100.0%
     Non-interest income            355         399         (45)      -11.2%
     Non-interest expense         2,918       2,696         222         8.2%
                             ----------  ----------  ----------
   Net Income before Income
    Taxes                         1,124         818         305        37.3%
     Income tax expense             385         277         108        39.1%
                             ----------  ----------  ----------
   Net Income                       739         542         197        36.4%
     Dividend on preferred
      stock                          23          23           -         0.0%
                             ----------  ----------  ----------
   Net Income - common
    shareholders             $      716  $      519  $      197        38.0%
                             ==========  ==========  ==========

   Income per share - basic
    & diluted                $     0.39  $     0.28  $     0.10        36.3%
                             ==========  ==========  ==========

BALANCE SHEET DATA
   Total assets                 205,074     164,588      40,486        24.6%
   Average Assets               198,321     157,636      40,685        25.8%
   Total loans                  165,928     138,017      27,911        20.2%
   Allowance for loan loss
    (ALLL)                        1,869       2,144        (276)      -12.9%
   Total deposits               185,097     146,171      38,925        26.6%
   Other borrowings                   -           -           -         0.0%
   Shareholders' equity          19,065      17,546       1,519         8.7%
   Average Equity                18,642      17,270       1,373         7.9%

ASSET QUALITY
   Other real estate owned
    (OREO)                            -           -           -         0.0%
   Net charge-offs                    -           -           -         0.0%
   Non-accrual loans                192         732        (540)      -73.8%
(2)Non-performing assets
    (NPA)                           192         732        (540)      -73.8%
   Non-accrual loans / total
    loans                          0.12%       0.53%      -0.41%      -78.2%
   Allowance for loan loss /
    total loans                    1.13%       1.55%      -0.43%      -27.5%

PERFORMANCE MEASUREMENTS
   Net interest margin (tax
    equivalent)                    4.05%       4.53%      -0.48%      -10.6%
(1)Return on average assets
    (annualized)                   0.75%       0.69%       0.06%        8.7%
(3)Return on average assets
    (annualized)                   1.14%       1.17%      -0.03%       -2.6%
(1)Return on average common
    equity (annualized)           10.63%       8.64%       1.99%       23.0%
(3)Return on average common
    equity (annualized)           16.16%      14.64%       1.52%       10.4%
   Efficiency ratio                72.2%       74.6%      -2.40%       -3.2%
   Total loans / Total
    deposits                       89.6%       94.4%      -4.78%       -5.1%
   Tier 1 Leverage Ratio
    (Bank only)                    8.36%       9.21%      -0.85%      -9.23%
   Equity / Assets                 9.30%      10.66%      -1.36%      -12.8%
   Tangible common equity /
    Total assets                   7.04%       7.85%      -0.81%      -10.3%

   Book value per share      $     7.78  $     7.04  $     0.74        10.5%
   Stock price               $     6.50  $     4.30  $     2.20        51.2%
   Stock price / book value
    (%)                            83.6%       61.1%      22.47%       36.8%
   Income per share - basic
    & diluted                $     0.39  $     0.28  $     0.10        36.3%
   Income per share - basic
    & diluted (LTM)          $     0.76  $     0.54  $     0.22        40.7%
   Price to earnings ratio
    (P/E) (year to date)           8.3x        7.5x        0.8x        10.9%
   Shares outstanding         1,857,128   1,836,662      20,466         1.1%
   Average shares
    outstanding               1,847,687   1,824,861      22,826         1.3%

(1)  Amount is computed on net income before preferred dividends.
(2)  Non-performing assets includes non-accrual loans and other real estate
     owned.
(3)  Amount is computed on pre-tax, pre-provision earnings before preferred
     dividends



                   Birmingham Bloomfield Bancshares, Inc.
             Financial Summary and Selected Ratios (Unaudited)
                (Dollars in thousands except per share data)

                                          Quarter Ended
                     ------------------------------------------------------
                                            December   September
                      June 30,   March 31,     31,        30,     June 30,
                        2014       2014       2013       2013       2013
                     ---------- ---------- ---------- ---------- ----------
INCOME STATEMENT
     Interest Income $    2,146 $    2,071 $    2,085 $    1,998 $    1,860
     Interest
      Expense               277        254        262        246        222
                     ---------- ---------- ---------- ---------- ----------
   Net Interest
    Income                1,870      1,817      1,823      1,752      1,638
     Provision for
      loan loss               -          -       (120)       180         90
     Non-interest
      income                134        220        252        210        215
     Non-interest
      expense             1,460      1,458      1,543      1,358      1,394
                     ---------- ---------- ---------- ---------- ----------
   Net Income before
    Income Taxes            544        580        653        425        369
     Income tax
      expense               187        198        220        145        125
                     ---------- ---------- ---------- ---------- ----------
   Net Income               357        382        432        279        244
     Dividend on
      preferred
      stock                  12         12         12         12         12
                     ---------- ---------- ---------- ---------- ----------
   Net Income
    applicable to
    common
    shareholders     $      345 $      370 $      421 $      268 $      232
                     ========== ========== ========== ========== ==========

   Income per share
    - basic &
    diluted          $     0.19 $     0.20 $     0.23 $     0.15 $     0.13
                     ========== ========== ========== ========== ==========

BALANCE SHEET DATA
   Total assets         205,074    194,232    188,679    182,693    164,588
   Average Assets       204,198    192,378    191,516    175,007    160,953
   Total loans          165,928    161,424    158,828    151,524    138,017
   Allowance for
    loan loss (ALLL)      1,869      1,869      1,869      1,989      2,144
   Total deposits       185,097    174,756    169,612    163,836    146,171
   Other borrowings           -          -          -          -          -
   Shareholders'
    equity               19,065     18,648     18,225     17,809     17,546
   Average Equity        18,824     18,459     18,006     17,682     17,399

ASSET QUALITY
   Other real estate
    owned (OREO)              -          -          -          -          -
   Net charge-offs            -          -          -        336          -
   Non-accrual loans        192        223        229        316        732
(2)Non-performing
    assets (NPA)            192        223        229        316        732
   Non-accrual loans
    / total loans          0.12%      0.14%      0.14%      0.21%      0.53%
   Allowance for
    loan loss /
    total loans            1.13%      1.16%      1.18%      1.31%      1.55%

PERFORMANCE
 MEASUREMENTS
   Net interest
    margin (tax
    equivalent)            3.89%      4.23%      4.24%      4.36%      4.50%
(1)Return on average
    assets
    (annualized)           0.70%      0.81%      0.90%      0.63%      0.61%
(3)Return on average
    assets
    (annualized)           1.07%      1.22%      1.10%      1.37%      1.14%
(1)Return on average
    common equity
    (annualized)          10.08%     11.19%     12.82%      8.49%      7.65%
(3)Return on average
    common equity
    (annualized)          15.37%     16.98%     15.79%     18.37%     14.39%
   Efficiency ratio        72.8%      71.6%      74.3%      69.2%      75.2%
   Total loans /
    Total deposits         89.6%      92.4%      93.6%      92.5%      94.4%
   Tier 1 Leverage
    Ratio (Bank
    only)                  8.36%      8.67%      8.40%      8.71%      9.21%
   Equity / Assets         9.30%      9.60%      9.66%      9.75%     10.66%
   Tangible common
    equity / Total
    assets                 7.04%      7.22%      7.21%      7.22%      7.85%

   Book value per
    share            $     7.78 $     7.60 $     7.41 $     7.18 $     7.04
   Stock price       $     6.50 $     5.95 $     5.13 $     5.70 $     4.30
   Stock price /
    book value (%)         83.6%      78.3%      69.3%      79.4%      61.1%
   Income per share
    - basic &
    diluted          $     0.19 $     0.20 $     0.23 $     0.15 $     0.13
   Shares
    outstanding       1,857,128  1,846,128  1,836,662  1,836,662  1,836,662
   Average shares
    outstanding       1,851,205  1,844,130  1,836,662  1,836,662  1,825,058

(1)  Amount is computed on net income before preferred dividends.
(2)  Non-performing assets includes non-accrual loans and other real estate
     owned.
(3)  Amount is computed on pre-tax, pre-provision earnings before preferred
     dividends


Contact:
Robert M. Farr
Chief Executive Officer
Birmingham Bloomfield Bancshares, Inc.
248-283-6430

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With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence...
SYS-CON Events announced today that Calligo has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo is an innovative cloud service provider offering mid-sized companies the highest levels of data privacy. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalized support service from its globally located cloud platfor...
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, discussed the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information.